Has Miami’s high-rise condo market peaked? Henry Fishkind, an Orlando economist who spoke at the Urban Land Institute seminar thinks it has.
“Miami is ground zero for the housing bubble. It’s going to be severe in Miami, and it’s going to be problematic in West Palm. We’ve built too many units compared to the projections for real users.”
Here is a telling fact, in Miami-Dade, more than 71,500 units are built or planned, but only 9,100 units were completed county wide in the past 10 years.
Will someone please answer:
• Who will occupy all of these units?
• Where are the local jobs to support this?
• Why isn’t the city building the infrastructural and fixing the roads to support the growth?
Henry Fishkind’s advice is if you are buying a single-family home or condo, plan to live in it long term because the days of making fast cash in real estate are over.
Gus Moore heads up Miami Beach 411 as site administrator. You can reach him at 1-305-754-2206.